5 Things You Should Know About Blockchain

By Sumedha Bose

Things we once thought as impossible are a part of our lives. We presently have the tools and technologies to bring about significant advancement and also the resources to improve the efficiency of traditional operations. Let’s take Bitcoin, for example. It was first developed in 2009, but it was truly embraced by the people until 2017.

Needless to say, we are in the age of revolutionary change. The Blockchain is a totally new technology that is set to change the way we live and work.

William Mougayar once said, “If you think about the web, the web has been an incredible development platform, and everything today is developed on the web. In the future, everything is going to be developed with the blockchain in mind.

Initially developed as an underlying technology for trading cryptocurrencies, Blockchain technology now provides an array of revolutionary advantages. This has given businesses the chance to change the way they address different business and hierarchical problems.

So, What Exactly is Blockchain?

The Blockchain is a database that is overseen and managed on a peer-to-peer electronic network of computers, sometimes called “nodes”. It can likewise be described as a distributed ledger, which is a decentralised way of sequentially document transactions. Every member of this network has access to the entire blockchain and its history. At the point when a transaction is recorded, the accounts of all the members are refreshed with that information. Then, all those transactions are grouped together in blocks and each of those blocks is linked to the one that proceeded it. The outcome is a chronological record that is fundamentally impossible to falsify, alter and tamper with.

Where Did Blockchain Come From?

Even though blockchain technology has been successfully employed recently, yet its roots can be followed back far further. A 1976 newspaper on New Direction in Cryptography talked about the idea of a mutual distributed ledger, and this is what the blockchain successfully acts as.

That was later built upon in the 1990s with a paper How to Time-Stamp a Digital Document. It would take an additional couple of decades and the mix of powerful modern computers, with the shrewd implementation with a cryptocurrency to make these ideas feasible.

Now if you are prepared to consider how blockchain can improve your business, then these 5 things could prove to be highly beneficial to you.

#1. Blockchain Is Set To Hit $60.7 Billion In Market Size By 2024

At the time when blockchain was in its infancy in 2017, the market size of this technology was just shy of $708 million. According to the present advancement, the growth of this market size is expected to expand exponentially up to $60.7 Billion in 6 years. This has unquestionably opened up a huge market that was non-existent a couple of years ago.

#2. Over 300 Million Blockchain Transactions Took Place In 2017 Alone

According to Gartner’s recent study, it was revealed that products which are based on blockchain technology made over 300 million transactions in the 2017 year alone. Presently, the Blockchain is considered as a powerful tool that can restore an industry that would now be built in view of trust.

Gartner additionally reports that over $270 billion worth of assets is being overseen by the DLT (Distributed Ledger Technology) in the world as of 2017.

#3. Blockchain Can Be At The Center Of IoT (Internet of Things)

Having an in-depth understanding of blockchain opens up the doors for a lot of use-cases. The adoption of this peer-to-peer electronic network for the Internet of Things has been expanding over the past few months.

Blockchain can be utilised as the Central Repository of Truth, which can be helpful for stakeholders to record vital usage information about the devices.

#4. Not Just Companies, But Industries Are Set To Change With Blockchain Technology

Today, the Blockchain technology isn’t just limited to implementing a technology product or platform into an organisation. It’s reached far beyond that. The Blockchain is a technology that demands an alternative way of doing business in the industry.

While executing a blockchain based solution, particularly in ventures like Supply Chain, it’s not just about the company changing the way business works out. The change additionally should propagate among the various companies engaged with the Supply Chain for the platform to be a win.

#5. Blockchain Promotes Transparency

Undoubtedly, trust is and has always been the basic viewpoint whereupon we settle on our choices. Trust has an imperative impact on the way we live our lives, settle on monetary choices, connect with others and interact with businesses. One of the issues faced by customers today is that they don’t know whom to trust or not.

Blockchains promote transparency and trustlessness at the core. All transactions on a blockchain are cryptographically secured and offer integrity. As blockchains are digital decentralised ledgers, then every user (node/computer) on the system can see all the activity on the blockchain. Thus, this system is transparent and quite useful to establish trust. Yes, there’s no one to abuse or break that trust.

Some Other Essentials To Consider

The Blockchain is growing at a pace we’ve never observed. The adoption of this technology is expanding in businesses right now. With that said, it can be seen and stated that the next couple of years are going to be exciting for the technology as a whole.

One of the most important things to keep in mind is to make sure that you, as a business, understand where blockchain fits into your business. Maintaining a Blockchain Business Workshop at your business can be the best beginning stage for any blockchain execution.

Summing Up!

This distributed blockchain technology has that potential to change industries, re-build the trust among consumers and businesses, and take out inefficiencies that increase overhead and reduce profit. You may not require blockchain technology for your business today, but staying informed with this technology and its rapid evolution will just profit you in the long run.

With that said, the evolution of blockchain is now fundamentally altering the way businesses operate and deliver value to customers and will continue to do so.

Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time. She can be contacted at [email protected].

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